Episode 294 – Florin Patrascoiu, Owner/Broker

THE REAL ESTATE SESSIONS PODCAST

Episode 294:

Host: BILL RISSER

Guest: FLORIN PATRASCOIU

Episode Summary:

Our guest this week is Florin Patrascoiu, the broker/owner of RE/MAX Premier. He is based in Wesley Chapel, northeast of Tampa, Florida.

In this episode, I sit with Florin, a Romanian by birth and American by choice, as he talks about his journey from Romania into real estate in America. He also discusses current trends in technology and the practice of real estate.

Top Takeaways:

"People should experience other countries, and other cultures, live there for a month or two, and when they come back, they come with a renewed appreciation for what they have."

- [Florin Patrascoiu]

"Truthfully, the hospitality industry prepares you for anything in real estate."

- [Florin Patrascoiu]

"You have to be open to learning."

- [Florin Patrascoiu]

"You know what the best CRM is?...the one you use."

- [Florin Patrascoiu]

"Trying to force people into something is a losing proposition."

- [Bill Risser]

"You get more by giving and not expecting anything in return."

- [Florin Patrascoiu]

Episode Highlights:

[00:38] Intro

[01:11] Meet today's guest, Florin Patrascoiu.

[02:40] How did you end up settling in Florida?

[16:25] Florin's path to real estate

[21:27] The benefits of Mentorship in Florin's career.

[24:50] How would you describe Wesley Chapel?

[27:40] What is happening now in the Tech space that you want agencies to adopt?

[32:00] The path to real estate market recovery with the pandemic.

[36:15] Discussing the current issue of commissions as regards the NAR-DOJ settlement.

[39:55] Florin's advice to new agents.

[43:08] How to contact Florin.

[44:54] Outro

Episode Notes:

Florin studied in Romania, moving to Florida in 1996 at the age of 24. Although Florin loves America, he shares that Romania is also a beautiful country. It is located in eastern Europe, with a Latin-based language, even though Slavic-based countries surround them. He joined his wife in Florida after she moved to Florida because her family was there, and he loved the place. Florin studied Economics with a major in International Tourism and has a deep passion for Soccer which; he played professionally growing up but stopped due to an Achilles injury.

Describing his journey into real estate, Florin explains that he had to work in an Italian restaurant when he immigrated to the U.S. The experience of being a part of the hospitality industry was beneficial to him later in Real Estate. He also worked in corporate business for a while till he finally started with Coldwell Banker. He worked there, grooming himself for close to 7 years; he describes this as his formative years. He also discovered that he has attributes that make him an entrepreneur, a trusted adviser, and a team builder suitable for real estate. However, after he started a company, things got rough as the great recession hit.

Florin strongly believes in Mentorship and coaching in his growth. Additionally, since he had faced a lot of ups and downs with the recession, the "dot com" boom and bust, as well as 9-11, he was well-groomed in the early years of his practice in Real Estate. He also got involved in "Short sales."

Wesley community is a vibrant, growing, diverse community much different from the way it used to be, with more facilities for daily living or entertainment.

Discussing current technology in Real Estate, Florin explains that even with advancements, technology will not replace agents. Still, agents can streamline the process of home buying or selling for clients using technology. Even CRM software is best determined as a good fit by the person using them.

Florin highlights that the state of the real estate market is not expected to change anytime soon in the pandemic, noting that rates are historically low. A significant problem is under-construction, an issue since 2008 when the "Lehman Brothers," which was the biggest supplier of money for developers, went down; the pandemic only amplified the problem. Although there is a struggle between Investors and First-time home buyers, the investors only make a small percentage of buyers, and in fact, applications for mortgages have increased. Another problem is the significant rise in rental prices all over the country.

Addressing the commissions issues concerning the NAR-DOJ discussions, Florin points out that the critical point with commissions is transparency. Commissions are often not talked about, and this is mainly because they are negotiable. "The main issues that DOJ has with the Real Estate industry are Broker Cooperation commission and Representation, however, in today's sociopolitical environment everything is questioned and challenged" The DOJ disagrees with the inability of the seller to negotiate the co-op fee. A co-op fee is a marketing expense paid by the listing broker to a buyer's broker to entice them to show the property and have a successful transaction; not showing this fee is wrong and is depicts a lack of transparency.

Florin's advice to new agents: Having an entrepreneurial mindset and work ethic is crucial going into the business. It is also essential to take on diverse roles as required for your growth and success. Be willing to learn from different sources, including books, conferences, seminars, podcasts, and even a coach or an accountability partner. Focus on a niche. You cannot be a jack of all trades and master of none; over 70% of business is from referrals, so it only makes sense to pick a niche and establish proficiency in it as it will determine future opportunities. Florin shares that he just started a video titled "Real Estate Success Strategies" on Facebook and YouTube, which is not brand specific but mostly to offer tips and tricks on Real Estate.

Resources Mentioned:

Connect:

Find | THE REAL ESTATE SESSIONS

At Tresonline.com

Find | Bill Risser

At bill.risser@ratemyagent.com

On Twitter

On Facebook

On YouTube

Find | Florin Patrascoiu

On LinkedIn

Website – RE/MAX